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Jun 30, 2025
Melco Resorts Q2 2025 Earnings Report
Melco Resorts reported unaudited financial results for the second quarter of 2025, showing increased operating revenues and Adjusted Property EBITDA.
Key Takeaways
Melco Resorts & Entertainment Limited reported a 15% increase in total operating revenues to US$1.33 billion for Q2 2025, driven by improved performance in both gaming and non-gaming operations. Adjusted Property EBITDA also saw a significant rise to US$377.7 million. Despite these gains, net income attributable to Melco Resorts & Entertainment Limited decreased to US$17.2 million.
Total operating revenues increased by 15% year-over-year to US$1.33 billion in Q2 2025.
Adjusted Property EBITDA rose to US$377.7 million, up from US$302.8 million in the prior year.
Net income attributable to Melco Resorts & Entertainment Limited was US$17.2 million, or US$0.04 per ADS, a decrease from US$21.4 million in Q2 2024.
Macau properties, particularly City of Dreams Macau and Studio City, achieved record mass market table games revenue, contributing to a 35% year-over-year growth in Macau Property EBITDA.
Revenue by Segment
Forward Guidance
Melco Resorts is optimistic about continued growth, driven by strategic initiatives in Macau and the upcoming opening of City of Dreams Sri Lanka. However, the competitive environment in the Philippines and geopolitical events in the Middle East pose challenges.
Positive Outlook
- Macau Property EBITDA grew 35% year-over-year and 13% quarter-to-quarter, indicating strong performance in the key market.
- City of Dreams Macau and Studio City achieved new records in mass market table games revenue.
- Increased cost efficiencies are leading to stronger margins.
- City of Dreams Sri Lanka is set to open on August 1, 2025, representing a new growth opportunity in South Asia.
- City of Dreams Mediterranean and satellite casinos in Cyprus showed solid results despite regional events.
Challenges Ahead
- The heightened competitive environment in the Philippines continues to impact performance at City of Dreams Manila.
- Net income attributable to Melco Resorts & Entertainment Limited decreased year-over-year.
Historical Earnings Impact
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